Ecs1501 assignment 2 questions and answers
1-18 Due 13 may
I confirm
that this assessment will be my own individual work;
that I will not communicate with anyone else in any way during the completion of this
assessment;
that I will not cheat in any way in completing and submitting this assessment.
I confirm.
I do not confirm.
,Question 1
Economics is
A the study of how scarce resources are allocated in an attempt to satisfy unlimited wants.
B a subdiscipline of business management.
c the study of the ethics of making money.
D the study of direct and indirect relationships between inputs and outputs in various production
methods.
Answer A
Q 2What are the three central questions to which every society must provide answers?
What to produce? How to produce it? When to produce it?
, What to produce? How much to produce? When to produce it?
Where to produce? How much to produce? When to produce it?
what to produce? How to produce it? For whom to produce it?
Answer what to produce how to produce for whom to produce It
Q 3 If I have R10 to spend on either a cold drink or an ice cream and I choose the ice cream, what is my
opportunity cost?
the ice cream
the cold drink
R10
R20
Answer the cold drink
Q4 John invests in a commercial property and leases it out to a manufacturing company. The
remuneration he gets on the property is called
interest
wages
salary
1-18 Due 13 may
I confirm
that this assessment will be my own individual work;
that I will not communicate with anyone else in any way during the completion of this
assessment;
that I will not cheat in any way in completing and submitting this assessment.
I confirm.
I do not confirm.
,Question 1
Economics is
A the study of how scarce resources are allocated in an attempt to satisfy unlimited wants.
B a subdiscipline of business management.
c the study of the ethics of making money.
D the study of direct and indirect relationships between inputs and outputs in various production
methods.
Answer A
Q 2What are the three central questions to which every society must provide answers?
What to produce? How to produce it? When to produce it?
, What to produce? How much to produce? When to produce it?
Where to produce? How much to produce? When to produce it?
what to produce? How to produce it? For whom to produce it?
Answer what to produce how to produce for whom to produce It
Q 3 If I have R10 to spend on either a cold drink or an ice cream and I choose the ice cream, what is my
opportunity cost?
the ice cream
the cold drink
R10
R20
Answer the cold drink
Q4 John invests in a commercial property and leases it out to a manufacturing company. The
remuneration he gets on the property is called
interest
wages
salary
